Parliament kicked off a day by lifting a state of emergency imposed in response to protests. By nightfall there was bigger news: the prospect of peace with neighboring Eritrea after nearly two decades of border skirmishes and a two-year war.

Almost as an afterthought came word that Ethiopia, one of the world's fastest-growing economies, was opening state-owned enterprises in aviation, telecommunications and more to part or full privatization.

That opens the door for foreign investors to buy stakes in the successful Ethiopian Airlines and Africa's largest telecom company by subscribers, Ethio Telecom.

Abiy was dubbed "Prime Minister Bolt" for the sprinter-like pace of reforms. Some Ethiopians say it's hardly possible to comprehend a single day's events.

"Now I need to take an umbrella when I get into a shower so that I can grab my phone and follow these rounds of breaking news items," one Ethiopian, Firew Megersa, joked on Facebook.

Abiy, a former intelligence officer, took up his position in April after three years of protests that had threatened the Ethiopian People's Revolutionary Democratic Front (EPRDF) coalition's hold on power.

Toll on import

But a party in the ruling coalition is calling for an emergency meeting, saying the dramatic reforms were decided on without full consultations. The statement by the Tigrayan People's Liberation Front (TPLF) appears to be the biggest challenge so far for Ahmed.

Ethiopians are shocked by the sweeping new changes in their country

But a shortage of foreign currency in the country is threatening the sustainability of sectors that highly depend on importation.

The Ethiopian National Planning Commission said the failure of mega projects to commence production, high demand for imported goods and growing external debt burden worsened the credit crunch.

"A number of structural and institutional reforms in the financial sector would be crucial to eliminate the forex shortage that the country is facing," Nora Dihel, a senior economist with the World Bank told DW.

The World Bank urged Addis Ababa to make good regulatory frameworks if it is to reap the economic growth from its privatization. "Related to that, an improvement of competitiveness in general will also increase exports which will contribute to an increase of foreign exchange inflows in the country," Dihel said.